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Matt Levine, Columnist

Triple ETFs Triple Your Fun

Leveraged single-stock funds, astrology-based investing, OpenAI’s capped profits, Musk’s Dogecoin pump and TikTok check fraud.

This is just a neat trick of arithmetic:

LMI3 is an exchange-traded product that offers investors three times the daily return of MicroStrategy Inc.’s stock. If MicroStrategy goes up 3% on Monday, LMI3 goes up 9%. If MicroStrategy goes down 5% on Tuesday, LMI goes down 15%. If MicroStrategy goes up 110% over the first eight months of 2024, LMI3 goes down 82%. It’s wild!